Three Keys to Successful Real Estate Investment

Purchasing distressed properties for renovation and resale is one recommended entry path to the real estate investment field. Knowing what to look for in an investment property can help novices achieve a higher degree of success in their first rehab projects to boost profitability from the start. Here are three tips for better real estate investing.

Location Still Matters

The single most important attribute of any property is its location. Almost everything else can be changed or upgraded to suit the needs of prospective tenants. A bad location, however, will limit interest in the property from buyers and renters and will significantly reduce the flexibility available to investors in the real estate marketplace.

Consider Potential Return on Investment

Homes that are considerably larger or smaller than others in their neighborhood present special difficulties for investors. These homes may be less desirable because of lack of space or higher prices compared with others in the same area. Ideally, investors should choose homes that will be of roughly comparable value to others in the area when fully restored and repaired.

Stay the Course

Holding on to real estate investments even during downturns in the economy can allow investors to enjoy greater stability and improved opportunities for profit when the market recovers. By sticking it out through temporary setbacks, novice investors can position themselves for long-term success in the real estate market.

Sky Mikesell's Unique Approach to Real Estate

Sky Mikesell grew up in Portland, Oregon, with his mother and five siblings. From a young age, he took on significant responsibility for the family's finances and worked two jobs throughout his high school years. Mikesell worked closely with a local construction firm on weekends and acquired the skills necessary to perform basic plumbing and home renovation. During the week, he held down a part-time job at a local retail clothing company and honed his customer service skills in this arena. By acquiring these diverse experiences during his teens, Mikesell was able to become a valuable asset to his employers and to develop his own working philosophy.

Putting the Pieces in Place

His exceptional work ethic and drive to succeed inspired Mikesell to take on the challenges of small business ownership immediately after his graduation from high school. His earliest entrepreneurial efforts were in the niche coffee house market and in real estate. Mikesell soon realized that the real estate market in Portland was not suitable for profitable investment and began investigating the outlook in other areas. After extensive research, he decided to liquidate his businesses in Portland and relocate to Charlotte, North Carolina, to pursue his dream of running his own real estate investment company. Today, his turnkey property management and acquisition firm offers services in five major metropolitan areas and delivers top-flight services to investors around the country.